Good set of 3Q17 Results
Good set of 3Q17 Results
Hotels segment continue benefiting from its exposure to Canary Island, where ADR and RevPar are increasing by 8% YTD. The office segment fetched an occupancy rate of 86% in September 2017 (+200bp vs. June 2017). Regarding the residential segment, average rent increased by 6.8% to €11.1/sqm/month YTD and Hispania’s sales plan has continued, having sold 21 flats in 3Q17.
Adjusted Net Profit increased in quarterly basis by 4.3% to €18.6Mn.
We maintain our Hold recommendation
Hispania is currently trading with a 6.8% upside potential to our valuation (€15.6/share). The company’s strategy gives visibility to our valuation as it should be fully monetized before the end of 2020. In addition, we expect positive news from its divestments and additional value creation from its pipeline (remaining firepower of c.€200m). We maintain our Hold recommendation.
Hispania Activos Inmobiliarios SOCIMI SA, formerly Hispania Activos Inmobiliarios SA, is a Spain-based company primarily engaged in the operation of commercial real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties in Spain. The Company's activities are divided into five segments: Offices, which leases assets for business purposes; Residential, which provides residential units; Hotels, which rents hotel real estate; Hotels under management, which includes operation and development of hotels within concession agreement, and Other, which leases other real estate assets, such as logistics centers and shopping malls. The Company operates through a number of subsidiaries, such as Hispania Real SOCIMI SAU, Bay Hotels & Leisure SOCIMI SA and Eco Resort San Blas SLU.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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